Silver Prices

Silver prices averaged USD 32.42 per troy ounce in October, up 7.8% from September. On 31 October, the commodity traded at USD 32.69 per troy ounce, up 4.8% from 30 September.

Surging safe-haven demand in anticipation of the U.S. elections and amid rising geopolitical tensions underpinned an increase in silver prices in October from September’s average; the metal traded at an over-decade high of USD 34.57 per troy ounce on 22 October. Recently announced stimulus in China and increased festivity-related purchases in India added further momentum to prices. That said, a stronger USD and higher U.S. treasury bond yields capped the increase.